Developer Who Destroyed Pyramid in Peru Goes Free


Back in July we reported on a developer in Peru who bulldozed a 4,000 year old pyramid. Situated on the site of El Paraíso, a 4,000 year-old settlement pre-Inca near Lima, it’s one of the most important archaeological sites in the country. It’s also prime real estate.

That’s why developers decided to bulldoze one of the pyramids to make way for some new housing. The prehistoric monument was completely leveled, and they would have taken down three more pyramids if an archaeologist and some watchmen didn’t intervene.

Two private companies, Compañía y Promotora Provelanz E.I.R.L and Alisol S.A.C Ambas, claim to own the land, but the Ministry of Culture says it’s owned by the government. Both sides have put up signs at the site claiming ownership. After the bulldozing incident, the government doubled security.

Now Past Horizons reports that two months later, no charges have been brought against the companies or any individuals identified as being part of the work crew. It appears that the two companies have won this round.

This video shows what the pyramid used to look like, and the barren destruction that’s been left in the name of development.

Travel Credit Cards Promise Savings, But At What Cost?

travel credit cardsTravel Credit cards that offer a sign-up bonus or cash back, or accumulate points that can be translated into savings on travel are surely worth a look. If just changing from one card to another will bring free flights, hotel stays, car rentals or funds to buy gear, why would any budget-minded traveler not do that? Often, we have to look beyond the headline to get to the real story.

Cardhub is back this week with an updated list of the Best Travel Credit Cards for 2013 featuring the best deals, selected from more than 1,000 different offers. Hoping to “help consumers save as summer vacation planning gets into full swing,” Cardhub told Gadling in an email this week that “the right credit card can save consumers hundreds of dollars on summer travel.”

That claim looks to be valid too. Switching to the Chase Sapphire Preferred Card, for example, will bring a 40,000-point reward bonus.

Thinking along the lines of airline points, that’s about what it takes for a round-trip ticket to Europe from North America. True, but airline points are not what we get with this offer. Those 40,000 points are redeemable for $500 in travel accommodations booked through Chase’s Ultimate Rewards program or a $400 statement credit. To get that, cardholders are required to spend $3000 during the first three months the card is open.Still, the most conservative result, $400 credit on the account, is a nice payday for doing very little work. But if transferring a balance from an existing account, there is a $150 charge, which eats away at the gain. Traveling with the card brings some advantages though. Chase charges no foreign transaction fees for purchases made abroad and there is no annual fee for the first year ($95 after that).

Some other factors to consider include the effect of trying to get this card on your credit score, even if declined. Planning on a major purchase in the near future, like a home mortgage? Real estate expert Anthony Gilbert lists applying for new credit cards and closing old ones as two of the six top things not to do before applying for a mortgage in a RealFX article.

“Too many credit inquiries over a relatively short period of time, are never a good thing for your credit score,” says Gilbert, adding “when you close any credit card, you may easily, yet innocently raise your “debt to credit limit ratio” – which can preclude a mortgage approval, or cause you to pay a higher interest rate.”

Speaking of credit score, you’ll need a pretty good one for the Chase Sapphire Preferred Card. The people at CreditKarma say the average score accepted by Chase is 730, considered excellent by those who track such things.

That’s not to say credit card savings are not out there. The $0 fraud liability guarantees, the lowest possible currency conversion rates and complimentary rental car insurance coverage offered by many cards can add up fast.


[Photo credit – Flickr user theMaykazine]

Want To Buy An Irish Castle? Now’s Your Chance!

castle
If you’re in the market for a new home, why not think big and buy a castle? There are several for sale in Ireland and now that middle income has been defined as up to $250,000, many are within the means of the middle class.

Take Cloghan castle, shown above. It’s in Banagher, County Offaly, and comes with 157 acres of woodland and riverside. The original castle was built in 1336, making it one of the oldest inhabited castles in Ireland. Although it was attacked and burned in 1595, it continued to be used as a home. Its three floors have six bedrooms, four bathrooms, an office, store room, laundry and a big dining hall.

It even counts as a tax shelter. Because it’s a historic building, if you open it to the public on occasion you get certain tax exemptions, and any maintenance and improvement costs count as a tax write-off.

So how much will this put you back? You’ll have to contact Premier Properties Ireland to find out. If the quote is too high, wait for a while. Beagh Castle was originally priced at €695,000 ($906,000) but has been reduced to €299,000 ($390,000). It only comes with 17 acres, but it’s picturesquely located on a promontory above the River Shannon in Ballysteen, County Limerick. Nobody is sure when the first castle was built on this spot, but it was rebuilt by a knight in 1260. An old tradition says a secret tunnel connects this castle to the local church half a mile away. The tunnel has never been found, but if you buy the castle you’ll have plenty of time to look.

An even cheaper option is Ballymaquiff Castle near Labane, Ardrahan, County Galway. It’s going for €145,000 ($189,000). It’s a fixer-upper but features some fine medieval architectural features such as large vaulted rooms, pointed doorways, a medieval fireplace and a spiral staircase.

You might also want to comparison shop on their castles page, where they have several more medieval fortresses for sale. There’s even a bargain basement castle for only €75,000 ($97,850). That’s less than six month’s wages for a middle-class household!

[All photos courtesy Premier Properties Ireland]

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New Mexican town created by hedge fund causes layoffs?!

Hedge fund DE Shaw laid off 150 employees a couple of weeks ago, and the reason is being traced back to a town the company tried to create in New Mexico. Trying to add to the map of a state, it seems, doesn’t pay.

DE Shaw and real estate developer SunCal Cos carved out 55,000 acres (twice the size of Boston, according to Business Insider) and sought to turn it into a new town. The financial crisis pretty much put a stop to the $250 million endeavor, but when the music stopped, the payments didn’t. Now it looks like DE Shaw has a $150 million tab.

The question that remains, according to Business Insider’s Courtney Comstock, is pretty simple:

DE Shaw is a quant fund that trades – we thought – exclusively computer-driven strategies. So what the heck were they doing trying to create a residential, industrial, and commercial community out in New Mexico?

Hopefully, nobody printed updated maps!

[photo by leiris202 via Flickr]

Awful housing market puts vacation residences in reach

Looking for a vacation home? Well, the time is right! With home seizures hitting a record high, you don’t need to be an infomercial star to realize that prices are headed in your direction. Places that were once wholly unattainable may now almost be in reach, and second homes at nasty places you’d never want to visit (especially regularly enough to have a vacation home there) are moving for pocket lint change.

Last month, 95, 364 homes were seized by banks – a record-setting number (since 2005, when we first started keeping score). Bad loans and unemployment are making the situation worse. So, the time has come for people with deep pockets to take advantage of the less fortunate, a familiar enough refrain throughout human existence. When you close on your new vacation home, though, don’t bring cake for the vanquished: someone will probably get the wrong idea and make a big “thing” of it.

[photo by Casey Serin via Flickr]